Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 164.1

What this Division is about

A company that issues non-share equity interests will have a notional account called a non-share capital account . This account records contributions to the company in relation to those non-share equity interests and returns made by the company of those contributions.

A non-share distribution that represents a return of contributions is not taxed as a dividend (subject to the anti-avoidance provisions dealing with dividend substitution). In certain circumstances a company may use its share capital account as the source for such distributions.

Table of sections

Operative provisions

164-5        Object

164-10      Non-share capital account

164-15      Credits to non-share capital account

164-20      Debits to non-share capital account

Operative provisions



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